An Overview of the Mechanics of the Julian Opie Fractionalized NFT Sale

This article discusses all the possible outcomes for the launch of our fractionalized NFTs related to the Julian Opie physical painting.

The launch of our first fractionalized physical artwork–an incredible piece from Julian Opie–commences on 20 December 2022. As this process is new to our marketplace, it is important for buyers to understand the different scenarios that may occur during the sale, which lasts 120 days in total. Below, you will find a flowchart showing all possible scenarios, as well as a detailed write-up of what to expect.

The fractional NFTs are only distributed to buyers if the launchpad sale is successful.

There are two ways in which this launchpad sale may be rendered a success:

1. All 1000 fractions are sold: If all 1,000 fractional NFTs are sold, the launchpad sale will be successful and the NFTs distributed to all buyers.
2. $150k USD worth of fractions are sold: Fractional NFTs are sold for 35 ICP tokens each. If the total value of all fractional NFTs sold is greater than 150k USD, the launchpad sale will be considered successful. For example, if the value of ICP increases to $5 USD/ICP, the sale will be successful when only 86% of fractional NFTs are sold.

Here is the complete process for participating in the launchpad sale of the co-owned Julian Opie piece:

1. You participate in the launchpad sale by purchasing one or more fractions of the artwork.
2. You will receive an “egg NFT,” which is a non-transferable NFT that serves as proof of your participation in the sale. You will keep this NFT regardless of whether the launchpad sale is successful or not.
3. If the launchpad sale is successful, the fractional NFTs will be minted and distributed to buyers. If the sale is not successful, investors will receive a complete refund of their ICP tokens (minus the minimal transaction fees of ICP).

Examples of what your unique “Egg NFT” may look like.

It’s important to note that holding an egg NFT can entitle you to future benefits. So even if the launchpad sal e is not successful, you will still benefit by holding onto your egg NFT.

We hope this article was useful in helping you understand all the different scenarios that may arise during this monumental co-ownership sale of the physical Julian Opie piece–all powered by and made possible by NFTs.

Be sure to participate in the sale if you’d like to be a co-owner and to stay connected with us across our socials for all of our future developments and updates. Happy Collecting!

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